The next time you drive around downtown Louisville, take a good look around because chances are, it won't look the same just a couple of months later. Downtown development in the Derby City is booming with new announcements coming out every few weeks - the proposed new arena, a new skyscraper, new hotels, museums, and a retail center with shops and restaurants... just to name a few. Now, one of the hottest developments is the trend toward downtown living with a wide variety of exciting new housing opportunities and styles.
With more than $2.1 billion in construction occurring in Louisville's downtown, the streetscape, level of amenities and quality of life is rapidly changing. The number of housing units has doubled in the last 20 years, with 900 units available in 1985 and more than 2,100 units available today. Those number are expected to double yet again within just the next three years, with 4,000 downtown housing units built, under construction or in development.
Downtown Arena
The Louisville Arena Authority unveiled its designs of the downtown multi-purpose arena, highlighting a publiz plaza, transparent connections between the building and the pedestrian activity on the street, and a signature roofline echoing the river and the wing of a bird.
The $350 million project is slated to be open in 2010, in time for the UofL Basketball men's and women's teams to be playing their home games in their new home.
For more information, visit www.arenaauthority.com.
Center City District
This $250 million development district will fill in the gap between the downtown arena and 4th Street Live!, bringing in new retail stores, a movie theatre, a boutique hotel, condominiums and restaurants to downtown while also creating a venue for minor-league hockey.
The development of the Center City District would encompass the area stretching from 2nd to 6th streets, along Muhammad Ali Boulevard.
The Cordish Company, owner/developer of the highly-successful 4th Street Live, would be the lead developer in the district. The company will privately finance the construction, with help from city and state governments in the form of tax rebates.
Iron Quarter
This $50 million project will provide Downtown Louisville a major new shopping and office complex that will feature everything from clothing, 
furniture and jewelry stores to restaurants, cafes and coffee shops.
Iron Quarter, being developed by Louisville resident Todd Blue, will be located in the 100 block of East Main Street, adjacent to the city’s planned $252 million downtown arena.
Blue owns eight buildings in the block, along with a vacant lot. Six of the building have historic cast-iron facades, hence the name Iron Quarter. The development’s name also pays homage to the Blue family’s former scrap metal business, which for decades operated nearby.
Louisville Medical Center
Louisville Mayor Jerry Abramson, with Governor Ernie Fletcher and UofL President Jim Ramsey, announced the redevelopment of the former Haymarket block.
Over the next two decades the 30 blocks that make up the Louisville health sciences campus will undergo a radical transformation made possible by a projected $2.5 billion of capital investment in expansion, renovation and infrastructure projects.
The taxing district will capture a portion of the incremental tax revenues created by the 20-year capital investment for reinvestment into the development. The TIF increment is anticipated to generate up to $300 million, sufficient to build out the Haymarket Business and Research Park and many components of the UofL Health Sciences Center Master Plan.
Gallery Square Lofts 
The $4 million, 21-unit condominium project directly adjacent to Liberty Green is the newest housing project to come online in downtown Louisville.
Located at the northwest corner of Clay and Jefferson streets, Gallery Square 
features four three-story buildings, with 10 first-floor flats and 11 two-story, two-bedroom loft townhouses, each with private rooftop decks overlooking the city skyline. Prices start at $180,900.
Recently opened, residents will be able in walking distance from the central business distance and the East Market and Main Street Arts district.
Find out more at: http://www.gallerysquarelofts.com/
Museum Plaza
The most recent proposed addition to our downtown's landscape is a larger-than-life project that will add vitality and character to our entire community.
Museum Plaza will include luxury condominiums, loft apartments, office space, a hotel, retail space and a contemporary arts museum in the iconic "island".
This $490 million project is still in development. However, the plans reflect an increase in interest to live and work in an urban setting, be able to walk to restaurants, shops, a Broadway show, and to feel the camaraderie of neighbors, who increase day by day in the new downtown neighborhood.
Sharing the public plaza with the Muhammad Ali Center, residents and visitors will be able to experience other cultural, museum, and entertainment venues in Museum Plaza. Find out more at: http://www.museumplaza.net/
Henry Clay
Located at the southwest corner of Third and Chestnut Streets, this $20 million rehabilitation of the former Henry Clay Hotel and YWCA assures saving one of the city’s most noticeable and historic buildings.
The lower floors will house commercial and event space. The Grand Ballroom and the Elks Room will be preserved and renovated to their former glory. Also available to the public will be a two-story rooftop garden carved out of the fourth and fifth floors. Upper floors in the building will provide 70 units of residential space.
The project also includes property that extends east to Fourth Street, which will become a public piazza, and the historic Wright-Taylor Building on Fourth Street, which will contain additional commercial space.
Henry Clay is being developed by City Properties Group.
Mercantile Gallery Lofts
This $10 million adaptive reuse project will convert two historic buildings and add a new building, into 47 condominiums and retail space.
Located at 301-311 E. Market Street, this location has moved from being a diamond in the rough to a an up-and-coming revitalized hotspot, due to the recent investments in Waterfront Park and Slugger Field.
Mercantile Gallery Lofts includes 56 parking spaces in an adjoining garage. Find out more.
The Hub 
The Hub includes new construction of two 5-story buildings that will house 60 apartments and retail space.
Located at 300-320 E. Market Street, this $3.5 million project is another addition to the East Market arts district and part of the $150 million in investment as a direct result of the opening of Slugger Field.
Learn more on the Louisville Downtown Management District website.
Fleur de Lis Condos
This $22.5 million project will be a new 5-story building with 74 condominiums and retail space. Preserving the historic Brinly-Hardy site's appearance, the design includes two interior courtyards.
Located across the street from Slugger Field, this project is part of $150 million in new investment as a result of the popular ballpark and newly revitalized East Market Street arts district.
Learn more at Potter and Associates website.
21C
This new $26 million, 90-room hotel is the only boutique hotel in Louisville, offering more personalized services to its customers.
It also houses a 21st century, contemporary art museum, displaying works of local artists. Being both a destination for art, and a home away from home, a museum/hotel in downtown Louisville will boost downtown with more visitors, both locally and from around the country.
It is in the middle of the historic and cultural arts district, and is a great addition to the other improved buildings along Main Street. This renovated building is part of the second largest collection of cast iron facades, behind the SoHo District in New York City.
Visit the 21C website.
Proof on Main, housed in 21C, is also now open. Operated by Drew Nieporent's NYC-based Myriad Restaurant Group, Proof on Main opened in March 2006 at 702 West Main Street in Louisville, Kentucky. It features modern American food with Tuscan influences.
For a full list of development opportunities in downtown, see the Louisville Downtown Management District website.